Maersk and Egyptian authorities have signed a partnership agreement to explore the establishment of large-scale green fuel production in Egypt.
In the presence of the Egyptian Prime Minister, a Memorandum of Understanding (MoU) was signed in a joint bid to further accelerate the supply of green fuels and the global transformation to net-zero shipping.
This partnership follows six fuel sourcing partnerships announced earlier, and with it Maersk joins forces with the General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt for Investment and Development (TSFE).
“Egypt has excellent conditions for renewable energy production and ambitions to become global leader in the green energy value chain. We are very excited to be able to explore options together, drawing on our more than 100 years of business relations in the country,” said Henriette Hallberg Thygesen, CEO, fleet and strategic brands, Maersk.
The parties will be conducting a feasibility study before the end of 2022 to examine an Egypt-based hydrogen and green marine fuel production, powered by renewable energy with Maersk as committed offtaker.
Maersk intends to explore similar opportunities in other regions with strong potential for renewable energy development, drawing on business and governmental relations to facilitate opportunities for nations and commercial players to embrace the rapid acceleration in green fuel production that is key to the decarbonisation of shipping.
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